M@G: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
M@G
Largest movements
- Tangible fixed assets -€336,303
down €336,303 (-58.3%), from €576,925 to €240,621
of which Other tangible fixed assets: -€313,986
- Cash +€205,495
up €205,495 (+187%), from €110,162 to €315,657
mainly Investment in fixed assets (net) (+€317,471) and Trade debts (+€226,779)
- Intangible fixed assets -€145,251
down €145,251 (-56.5%), from €256,915 to €111,664
- Receivables within one year +€60,662
up €60,662 (+15.6%), from €389,852 to €450,514
of which Trade receivables: +€30,662
- Deferred charges and accrued income -€24,459
down €24,459 (-35.1%), from €69,745 to €45,286
- Profit (loss) carried forward -€243,849
down €243,849 (-40.2%), from -€605,844 to -€849,693
- Trade debts +€226,779
up €226,779 (+50.6%), from €448,605 to €675,383
- Debts after one year +€218,025
up €218,025 (+36.0%), from €606,084 to €824,110
of which Financial debts: +€221,025
- Tax, wage and social debts -€117,699
down €117,699 (-64.6%), from €182,095 to €64,396
of which Remuneration and social security: -€73,324
- Investment grants -€111,637
down €111,637 (-54.7%), from €204,225 to €92,588
- Gross operating margin -€473,712
down €473,712 (-55.0%), from €861,661 to €387,949
- Financial charges -€338,794
down €338,794, from €182,730 to -€156,064
- Depreciation -€237,996
down €237,996 (-59.2%), from €402,080 to €164,083
- Staff costs -€92,852
down €92,852 (-14.6%), from €635,968 to €543,116
- Financial income -€40,037
down €40,037 (-26.2%), from €152,919 to €112,882
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,403,599 | €1,163,742 | -€239,857 | -17.1% |
| Fixed assets | 21/28 | €833,839 | €352,285 | -€481,554 | -57.8% |
| Intangible fixed assets | 21 | €256,915 | €111,664 | -€145,251 | -56.5% |
| Tangible fixed assets | 22/27 | €576,925 | €240,621 | -€336,303 | -58.3% |
| Plant, machinery and equipment | 23 | €11,013 | €8,120 | -€2,892 | -26.3% |
| Furniture and vehicles | 24 | €14,894 | €3,500 | -€11,394 | -76.5% |
| Leasing and similar rights | 25 | €21,170 | €13,139 | -€8,031 | -37.9% |
| Other tangible fixed assets | 26 | €529,848 | €215,863 | -€313,986 | -59.3% |
| Current assets | 29/58 | €569,760 | €811,457 | +€241,697 | +42.4% |
| Amounts receivable within one year | 40/41 | €389,852 | €450,514 | +€60,662 | +15.6% |
| Trade receivables | 40 | €389,852 | €420,514 | +€30,662 | +7.9% |
| Other amounts receivable | 41 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €110,162 | €315,657 | +€205,495 | +187% |
| Deferred charges and accrued income | 490/1 | €69,745 | €45,286 | -€24,459 | -35.1% |
| Total equity and liabilities | 10/49 | €1,403,599 | €1,163,742 | -€239,857 | -17.1% |
| Equity | 10/15 | -€258,316 | -€613,801 | -€355,486 | -138% |
| Contributions | 10/11 | €140,060 | €140,060 | = | 0.0% |
| Reserves | 13 | €3,244 | €3,244 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,244 | €3,244 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,244 | €3,244 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€605,844 | -€849,693 | -€243,849 | -40.2% |
| Investment grants | 15 | €204,225 | €92,588 | -€111,637 | -54.7% |
| Provisions and deferred taxes | 16 | €68,075 | €30,863 | -€37,212 | -54.7% |
| Deferred taxes | 168 | €68,075 | €30,863 | -€37,212 | -54.7% |
| Amounts payable | 17/49 | €1,593,840 | €1,746,681 | +€152,841 | +9.6% |
| Amounts payable after more than one year | 17 | €606,084 | €824,110 | +€218,025 | +36.0% |
| Financial debts | 170/4 | €566,084 | €787,110 | +€221,025 | +39.0% |
| Other amounts payable | 178/9 | €40,000 | €37,000 | -€3,000 | -7.5% |
| Amounts payable within one year | 42/48 | €933,266 | €906,071 | -€27,194 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €262,225 | €158,363 | -€103,863 | -39.6% |
| Financial debts | 43 | €40,000 | - | -€40,000 | |
| Credit institutions | 430/8 | €40,000 | - | -€40,000 | |
| Trade debts | 44 | €448,605 | €675,383 | +€226,779 | +50.6% |
| Suppliers | 440/4 | €448,605 | €675,383 | +€226,779 | +50.6% |
| Advances received on contracts in progress | 46 | €340 | €340 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €182,095 | €64,396 | -€117,699 | -64.6% |
| Taxes | 450/3 | €80,999 | €36,624 | -€44,375 | -54.8% |
| Remuneration and social security | 454/9 | €101,096 | €27,772 | -€73,324 | -72.5% |
| Other amounts payable | 47/48 | - | €7,589 | +€7,589 | |
| Accrued charges and deferred income | 492/3 | €54,490 | €16,500 | -€37,990 | -69.7% |
| Non-recurring operating income | 76A | €81,337 | €68,240 | -€13,097 | -16.1% |
| Remuneration, social security and pensions | 62 | €635,968 | €543,116 | -€92,852 | -14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €402,080 | €164,083 | -€237,996 | -59.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €41,096 | €33,831 | -€7,265 | -17.7% |
| Other operating charges | 640/8 | €17,886 | €17,978 | +€92 | +0.5% |
| Non-recurring operating charges | 66A | €8,946 | €178,239 | +€169,294 | +1,892% |
| Gross operating margin | 9900 | €861,661 | €387,949 | -€473,712 | -55.0% |
| Operating profit (loss) | 9901 | -€244,314 | -€549,299 | -€304,985 | -125% |
| Financial income | 75/76B | €152,919 | €112,882 | -€40,037 | -26.2% |
| Recurring financial income | 75 | €152,919 | €112,882 | -€40,037 | -26.2% |
| Financial charges | 65/66B | €182,730 | -€156,064 | -€338,794 | |
| Recurring financial charges | 65 | €182,730 | -€156,064 | -€338,794 | |
| Profit (loss) for the period before taxes | 9903 | -€274,125 | -€280,353 | -€6,228 | -2.3% |
| Transfer from deferred taxes | 780 | €50,965 | €37,212 | -€13,752 | -27.0% |
| Income taxes | 67/77 | €502 | €708 | +€206 | +41.0% |
| Profit (loss) for the period | 9904 | -€223,663 | -€243,849 | -€20,186 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€223,663 | -€243,849 | -€20,186 | -9.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.